Dec 5, 2007

Better safe than sorry

Only PBG made me think of acting today (12th bar, :15) but I saw potential support at 40.94 off the daily and didn't like the R:R. I don't normally look at the daily for entries, but since the market was up big and I was thinking of shorting, I figured I would be extra careful and look at everything. I would've made some decent cash with the trade but, in the end, I just wasn't that confident in the trade.
On a side note... I've noticed Prophet's scan hasn't worked for me the last two days. Anyone else notice the same?

18 comments:

greytrader said...

No trades today.
I pulled the trigger in FMD but could not find shares to short... Would have been a nice one.

OONR7 said...

gt: are you still using prophet's scans, even the basic one?

OONR7 said...

gt: where did you try to enter FMD? Didn't have it on my list, but don't you normally trade near the ORL on shorts?

greytrader said...

oo: I do not use prophet's scan anymore. I still have Trade-Ideas for free for 2 more weeks from Etrade. My backup is Yahoo! stock screener with RT (13.95/m), my only data expense right now. I am hoping Etrade will offer TI for free soon and I will have no data expense :-)

For FMD, break of 14th bar low on 15, right under ORL. Looked good on 30 too. My ORL is 22, the high of the 14th bar was 22.03 and it was hammer like... Maybe we have different data ?

CHL was a nice X U type setup but I passed because of the relative Volume at the time. With the recent market behavior, I am a bit trigger shy.

Jerry said...

OONR7 : Prophet didn't work for me,too. FMD was in IB scanner

GT: I traded FMD and entered the same bar. But exited too quickly and left plenty of cash on the table.

greytrader said...

Hummm, usually the short pool is pretty good on Etrade... Glad you got in with IB.

OONR7 said...

gt: wow, major data difference. Prophet's orl for FMD is 22.7. I cleared it and used IB and the orl is $22. That really bugs the shit out of me. There should be one, universal data feed that everyone pulls from. Couple of cents is one thing... but .70??? Eh... have to live with it. Let me ask you... are you getting your relative volume reading from QT or a different source (like TI)?

OONR7 said...

gt, jerry: I pull my IB scan at 9:35 since it's not as comprehensive as prophet and only includes the top % gainers. I have a minimum volume of 100,000 and that's why FMD didn't appear. What I'll probably do is pull the scan at 9:35 and 9:45 and just delete the dups.

Jerry said...

$22 should be correct as I have double with stockwatch backfill.

greytrader said...

StockHunter traded FMD also, oh well.

I looked at time and sales, and there was a block trade at 9:43:14 of 22400 shares. It went 100 22.35, 200 22.08, 22400 22.00 and back up 100 22.6 Bid never went below 22.75 !?!?

Hammer Trader said...

QT can use either etrade(150) or TD(75) as data feed, I just realize it's kind of slow if I have 100+ in QT. Nowadays trying to limit it below 100.
FMD is also on my radar but didn't do anything with it.

POT the 2nd bar (15) would be a good entry, but it's way too early for me.

CHL: 4th bar break is another good entry, but without EMA5 support, would be risky too.

greytrader said...

oo: I am getting it from QT. The relative volume from TI seems off when I calculate it by hand.

Jerry said...

oonr7: I usually use the IB scan twice. 9:55 and 10:10. And FMD only appeared at 10:10. For the last few days, most good setup stocks appeared at 10:10 or later.

Jerry said...

OONR7: BTW, I have to say thank you as I wouldn't know about IB scan in TWS if you haven't mention.

It is very good use. Thanks again.

Hammer trader: You said you wrote a scanner, how does it work?

bl said...

FMD- how about puts 25Dec 3.10-6.10 l/h. Didn't anybody trade chnr cpsl flow abh idcc ctv exel kong jrjc rvbd cphd hxm smtc
tsra vip sid cmcsa? 7-88%. I chased SOHU down the slope for a loss(long). I was shocked that this pos reversed! But then ctrp reversed for a good gain

Hammer Trader said...

Jerry, I will write on your blog about scanner. It's too long to post here and not really related to OO's trading.

bl said...

NR7,
I like PBG -4/5'with the IB

OONR7 said...

jerry: considered it payback for your projected volume tip.